All Forum Posts by: JD Martin

I have had good luck with GE and Kenmore (whatever maker that is) and poor luck with Frigidaire. I have no experience with any other brands. Although I personally don't like not having control of the cycle, I would go with a simple electronic cycle pad rather than a dial timer. Electronics are more likely to last than mechanical timers (note: I have had 2 timers go bad and no electronics. Actually, the only things I have had go bad are mechanical stuff - pumps, water control valves, door latches. So I would probably buy something that had the least mechanical stuff, as in a sensor door latch, push pad setters, etc. 

I am on the fence about this. One week I think about getting the LLC set up, the next week I'm not worried about it. I have maximum policy limits on my landlord policies, as well as an umbrella policy for an extra 7 figs. Between the 2, I can't possibly imagine any type of lawsuit that could result in an award of almost 2 million dollars. But I am dealing with small, single family homes. If I ever go commercial I will almost certainly go LLC.

 I would go with this approach as well. I do not want the outgoing seller to contract to install/repair anything. I want the money myself, either as a credit or a reduction in the sales price, and I will deal with my own repairs and contractors. Roofing is also one of those things that you really want down to the sheathing. Just because something is allowed by code doesn't mean that it is an optimal procedure. Given the choices you have, I would want the money for the furnaces. 

 Whoops, right - didn't see the "at will" part at the end. 

I think it also depends on your state. Tennessee allows a 5 day grace period before charging a late fee, though you could file a one day notice to vacate on the first day overdue. I can't possibly imagine this being a worthwhile endeavor, as it seems way too heavy-handed to me. 

Wow. I am surprised FHA let the financing go through without any of the units being vacant. Do the existing tenants have leases or are they "at will"?

I don't think there is going to be any easy way to do this. If the situation were reversed, and someone told you that due to a coin toss (or some other arbitrary selection criteria), you were going to need to be gone in 2 weeks, you wouldn't take it well. 

What does Massachusetts law say about evicting people? Knowing the Northeast, it seems to me that you could be in for a long, hard slog if the tenants have any familiarity with the law. 

One thing I will mention: when someone inherits a property, there's often not a whole lot of difference between 300K and 220K, so long as someone is bringing a suitcase full of money to the closing. In other words, cash in hand is better than a bird in the bush, and since likely little to none of it was their own principal in the first place, it could be easier to just make the offer and go forward. I would not write any kind of letter; I would make the offer and let the agent take it from there. Even with good cash flow, there is always a limited market for selling MFH. I don't worry about whether an offer is low-ball or not; I make it and let the other agent deal with it. Either we come to terms, or we don't; it's just business, after all :)

I would use all of that but think that the best options comes from word-of-mouth and referrals, either from other tenants or neighbors. If you let everyone you know (and like) know that you have a place coming up for rent, as well as (decent) neighbors, you will be surprised to know that almost everyone knows several people either looking for a place or about to be looking for a place. From that point make sure you go through the screening process (I would screen my own mother!), but I think it increases your chance of getting a good tenant by degrees. Social pressures still hold true, and no one wants it to get out to their friends and family that they were the problem tenant, destructive tenant, or deadbeat tenant. 

I think it makes sense to start a new tenant with a 12 month lease and then going month to month beyond that point. It takes time to get any place ready for rent, and you want to have at least some level of commitment from the tenant on the front end, especially if you have a place that's fairly desirable. We are a college town and I would not want someone to flake out and leave in November, leaving me with 2 or 3 difficult months to rent, and pay additional heating bills, etc. Once someone has proven some level of commitment (my rents are low compared to similar houses), I have no problem going month to month.

I have everyone fill out electronic applications. There are 2: one "in-house", wherein I can verify employment info, salary info, etc, and one from Smartmove, wherein I get access to their credit/criminal/eviction history. There's no charge for the in-house one, and a $35 charge for the Smartmove one, which they pay directly to them. I collect no money until I say "OK, great, you're in", and they sign the lease. 

I don't do paper applications in any manner. I suppose if someone really elderly or completely technologically-challenged really wanted in, I would have to consider the issue, but it doesn't seem to be a problem for me. I also keep a website that I put my available homes on. Everything is electronic. To me, there's little reason to go the paper route. The exception is the lease, since I want an actual ink signature on it. That has to be old-fashioned paper for me, but courts will accept electronic signatures.